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Saudi Inflation Rises to 3.1% In Sept

A Saudi man wearing protective gloves buys vegetables at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri
A Saudi man wearing protective gloves buys vegetables at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri
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Saudi Inflation Rises to 3.1% In Sept

A Saudi man wearing protective gloves buys vegetables at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri
A Saudi man wearing protective gloves buys vegetables at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri

Saudi Arabia's inflation rose to 3.1% in September, driven mainly by higher food prices, rents, and the rising cost of utilities, the General Authority for Statistics said on Thursday.

Compared to the previous month, the Consumer Price Index (CPI) for September was marginally higher, up 0.3%, it added.

Food and beverage prices rose 4.3% in September, while housing rents were 3.6% higher, pushing the overall increase in housing, water, electricity, gas and other fuels to 3.2%.

Last month, Saudi Arabia's central bank governor Fahad al-Mubarak said inflation in the kingdom was still within a reasonable rate. In its latest pre-budget statement, the finance ministry estimated 2022 inflation at 2.6%.

"Despite the increase in global inflation rates, the Kingdom has taken proactive measures," the finance ministry said in a statement.

These steps enabled Saudi Arabia to contain inflation and limit the impact of the price increases, helped by efforts such as a ceiling for gasoline prices, it added.

"Inflation is expected to return to its normal levels in the medium term."

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UAE, Serbia Sign Comprehensive Economic Partnership Agreement

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM
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UAE, Serbia Sign Comprehensive Economic Partnership Agreement

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić have witnessed the exchange of a Comprehensive Economic Partnership Agreement (CEPA), paving the way for increased trade and investment flows and bilateral private sector collaboration.

Sheikh Mohamed commended the exchange of the CEPA as a key milestone in the relations between the UAE and Serbia.

“The CEPA exchange with Serbia is a notable step forward in our efforts to create a network of trade agreements that will accelerate investment, promote knowledge-sharing, and create opportunities for joint ventures in high-growth sectors,” he said.

“Serbia represents an important addition to the CEPA program and a bridge into the high-potential region of Eastern Europe. The UAE-Serbia CEPA reflects our shared ambition to establish a new era of collaboration between our nations and unlock long-term, sustainable growth for both our economies.”

The Serbian President expressed confidence that the agreement would pave the way for new opportunities in economic cooperation and diversification, fostering sustainable growth and prosperity for both nations.

Once implemented, the UAE-Serbia CEPA is expected to remove or reduce duties on product lines, lift unnecessary barriers to trade, protect intellectual property rights, support small and medium-sized companies, and facilitate mutual investment flows.

The UAE is the third-largest market for Serbian exports in the Middle East, and increased FDI has been directed toward high-priority sectors, including renewable energy, agriculture, food security, infrastructure, and logistics.